Technical market overview:

The ETH/USD pair has violated the technical resistance located at the level of 135.64 and made a new local high at the level of 138.18, but so far there is no clear follow through and the price is starting to turn down. Despite this move up, the outlook is still bearish as there is uncompleted wave (c) to the downside, so the market is expected to return to the down cycle as soon as possible. The momentum is now decreasing and the market conditions are now overbought, so at least short-term pull-back is expected towards the level of 132.20.

Weekly Pivot Points:

WR3 - 140.08

WR2 - 144.31

WR1 - 138.13

Weekly Pivot - 134.32

WS1 - 128.34

WS2 - 124.63

WS3 - 118.55

Trading recommendations:

The market is still unfolding the wave (c) to the downside, but the second target at 127.85 has not been hit yet. Nevertheless, it might be a good opportunity to join the bears and open a sell position below the level of 136.54. The targets for the bears are unchanged.